Hyundai's December Sales Dip 0.8%; Plans Strengthening Its Global EV Production Infrastructure

Hyundai Motor Co HYMTF disclosed a total global sales increase of 6.9% at 4.216 million vehicles in 2023.

The South Korean automaker witnessed sales growth across Korea (762,077, +10.6 Y/Y), North America, Europe, and India in 2023 despite higher interest rates, inflation, and adverse market conditions in the automotive industry. 

Overall, overseas sales reached 3.45 million units in 2023, which grew 6.2% Y/Y.

In December 2023, Hyundai sold 342,919 units (-0.8% Y/Y) globally, including 280,747 units (+2.0% Y/Y) in overseas markets and 62,172 units (-11.7% Y/Y) in Korea.

Hyundai aims to take the lead in electrification and optimize profitability by boosting its electric vehicle (EV) production infrastructure globally.

Also Read: Hyundai Motor Advances EV Focus With Closure Of Two South Korean Plants: Report

Outlook: For 2024, Hyundai expects global sales of 4.24 million units, including its Genesis luxury brand, with planned optimized product portfolio and vehicle supply management for each region.

In particular, the company targets selling 704,000 units in Korea and 3.54 million units in overseas markets.

Also Read: Hyundai Divests Manufacturing Facilities In Russia, Reportedly Takes $219M Loss On Strategic Sale

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